A significant transaction in the Pepe Coin (PEPE) market has caught the attention of crypto enthusiasts. A PEPE whale snapped up nearly 310 billion tokens amid the recent downturn. This move has sparked speculations of a recovery in Pepe Coin crypto price, which already started today with significant gains.
Pepe Coin Whale’s Latest Accumulation
According to SpotOnChain data, a new wallet, created just 13 hours ago, has withdrawn 309.6 billion PEPE tokens worth approximately $6.45 million from KuCoin, at an average price of $0.00002082. This large-scale purchase highlights a renewed interest in the memecoin despite recent market turbulence.
Whale activity in the PEPE market often precedes price volatility. This accumulation hints at potential confidence in the token’s future performance, sparking speculation about a possible price rebound. The purchase also accounts for a notable percentage of the token’s circulating supply. This could positively influence the Pepe Coin prce if held long-term or strategically redistributed.
Big $PEPE accumulation!
Someone created a new wallet 13 hours ago and has since withdrawn 309.6B $PEPE ($6.45M) from #KuCoin at an average price of $0.00002082.
Follow @spotonchain and track the whale live at https://t.co/W6LBhGQdkj pic.twitter.com/0y2BRvcUIQ
— Spot On Chain (@spotonchain) November 22, 2024
Pepe Coin has experienced fluctuations in 2024, aligning with the current memecoin market trends. Increased whale activity, such as this accumulation, can trigger FOMO (fear of missing out) among smaller investors, potentially driving up demand. However, the effect on PEPE’s price depends on broader market sentiment and trading volume.
The wallet’s creation shortly before the acquisition suggests deliberate intent, possibly signaling insider knowledge or a strategic bet on PEPE’s upside. While this move has sparked optimism among PEPE holders, investors should remain cautious. Memecoins are highly speculative, and significant whale transactions can lead to both upward and downward price swings.
PEPE Price Action
Pepe Coin price broke its recent downtrend today and traded at $0.00002036, gaining 1.19% at the time of writing on Friday, November 22. Furthermore, the popular frog-faced memecoin has surged over 105% in the last 30 days, indicating a bullish sentiment in the market. Thus, the market is expected to closely monitor next whale moves to gauge the token’s trajectory.
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